Real Estate Blog - One in five homeowners owe more on their mortgage than their home is worth

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One in five homeowners owe more on their mortgage than their home is worth

One in five homeowners owe more on their mortgage than their home is worth.

I'm wondering if this is something new the media figured out are these are accurate figures.

Reuters is reporting this story and you can read the rest of the story >>>HERE

For more information please contact Neal The Real Deal Bloom-CRS-Realtor® /Remax

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Posted by Neal Bloom-Realtor ® Assoc.-CRS-Weston FL on 10/31/2008 02:20 PM

Comments (7)

Mortgages in the ActiveRain Channel

homeowners, mortgages, short sales, default, loans

Originally posted at: Weston Florida Real Estate Blog, Neal"The Real Deal"Bloom : One in five homeowners owe more on their mortgage than their home is worth

This post has been included in Florida Information Broward County, FL Information
Post is included in group: Pembroke Pines FL Homes For Sale
Post is included in group: Posts to Localism
Post is included in group: Weston FL Homes For Sale

7 Comments on One in five homeowners owe more on their mortgage than their home is worth

OCT

2008

Neal - Interesting. I would like to know more of the specifics on what went into gathering these stats but I will check out the article in full. I will say that as long as their mortgage payment remains affordable to them, consumers shouldn't lose sleep about their equity position just yet. The long-term benefits of owning Real Estate is historically a financially sound decision.

Neal, what I found most interesting was the data is based on 43 states and Washington DC. What states did they leave out? Were they areas where this trend was not supported? It's incomplete statistics like these that make me nervous - consumers take them to heart without realizing that their own community may be experiencing the opposite of this "trend".

Jason,

You could be right but it still makes it hard for us to sell property if they can't afford to keep it.

Lisa,

I agree there is a possible error in how accurate it is but you know how the media is...but the funny thing is I knew this news two year ago or I wouldn't be doing these short sales.

NOV

2008

Neal, I saw this too. As per usual, the headline is not exactly what the story is about. Most of the problem is in the same 5 or 6 states. CA, FL, AZ,NV, MI, OH. The rest of us while not setting the world on fire, are not so upside down either.

Neal:

If Mr Obama gets in more then double the problem. He wants to do away with the sales exemption. 28% dollar one, which will force people who refinaced to be short sale after taxes.

Richard

Neal,

That looks like a national average. In Vegas the number is said to be around one in three which is scary. That number probably applies to some other hard-hit areas, too.

NOV

2008

Pretty incredible news but not something I'm surprised to see...numbers are still very high.

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Neal Bloom-Realtor ® Assoc.-CRS-Weston FL

Weston, FL

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